SAN FRANCISCO, July 09, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $61.8 million in Affordable Housing Program (AHP) grants have been awarded to fund 59 projects that will create nearly 4,000 units of affordable housing throughout Arizona, California, and Nevada. Since 1990, FHLBank San Francisco has awarded $1.3 billion in AHP grants for the construction, preservation, or purchase of 154,000 units of housing. Collectively the Federal Home Loan Bank System is one of the largest private sources of affordable housing funding in the nation. This amount of FHLBank San Francisco's funding for this year's AHP grant cycle represents an extraordinary 88% increase over last year's funding and underscores FHLBank San Francisco's continued commitment to fulfilling its mission to support affordable housing throughout its region. Each year, FHLBank San Francisco allocates up to 15% of its net profits from the prior year to fund affordable housing, homeownership, and economic development grant programs. "I am proud of the crucial investments FHLBank San Francisco is making in affordable housing across Arizona, California and Nevada – some of the most economically, geographically and culturally diverse states in America," said Alanna McCargo, president and CEO of FHLBank San Francisco. "The affordable housing crisis affects countless families and individuals living in urban, populous cities, rural, tribal communities, and many places in between. We are pleased to be able to nearly double the amount of grant funding this year, in partnership with our members, to 59 critically needed projects across ...